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Council authorizes up to $240M in sewer revenue bonds to fund wastewater capital program, refund older debt
Summary
Council authorized issuance of up to $240 million in sewer revenue bonds and approved the Public Facilities Financing Authority financing structure to fund wastewater capital projects and refund prior bonds for debt-service savings; staff estimated a true interest cost near 4.6% and potential net present value savings from refunding.
The City Council authorized the issuance of up to $240 million in sewer revenue bonds on Nov. 18 to fund baseline wastewater capital projects (including elements of the Pure Water program) and to refund 2015 and 2016 sewer revenue bonds to capture debt‑service savings.
Finance staff presented the financing plan. "The proposed bond financing of up to $240,000,000 will fund this baseline program," Jyoti Pantlu said. Kevin Warner summarized financing assumptions and timing, saying estimated true interest cost was…
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